Judge approves settlement in BP class action suit

NEW ORLEANS — A federal judge on Friday approved BP PLC's settlement with businesses and individuals who lost money because of the 2010 oil spill in the Gulf of Mexico.

BP has estimated it will pay $7.8 billion to cover more than 100,000 economic and medical claims from the nation's worst offshore oil spill. The settlement has no cap; the company could end up paying more or less.

U.S. District Judge Carl Barbier approved the settlement in a 125-page ruling issued Friday evening. He wrote that the settlement is fair, reasonable and adequate.

BP said it was pleased with the settlement, which got Barbier's preliminary approval in May.

An April 2010 explosion on BP's Macondo well killed 11 rig workers and started a spill that would leak more than 200 million gallons of oil into the gulf over nearly three months.

The agreement covers people and businesses in Louisiana, Mississippi, Alabama, Texas and Florida.

Barbier has not ruled on the medical settlement for cleanup workers and others who say exposure to oil or dispersants made them sick.